Cathay Pacific Airways has reiterated its unequivocal support for the building of a third runway at Hong Kong International Airport (HKIA).
Cathay Pacific Chief Executive Ivan Chu said: “There is an urgent need to move ahead with the third runway project as the airport is fast approaching its maximum runway capacity. It is certain that the airport will reach capacity well before a third runway could be built, which is of great concern when we are seeing increasing competition from other rapidly expanding hubs in the region.”
Regarding the funding of the third runway project, Cathay Pacific supports the views presented by Tony Tyler, Director General and CEO of the International Air Transport Association (IATA) at a lunchtime address in Hong Kong today.
Tyler said that Hong Kong airport is a huge success and that IATA has long been an advocate of the need for a third runway. On the funding of this major project, he said there is ample scope for the airport to borrow the capital needed through bonds or commercial loans.
“Could a third runway be developed without increasing charges, without placing a burden on taxpayers, without making it more expensive for travellers, without adding an extra burden to shippers and while increasing the hub’s competitiveness? It’s an ambitious undertaking but I believe that the answer is yes,” he added.
Cathay Pacific believes the construction of the third runway can be self-funded through existing income streams, especially as the number of passengers moving through the airport continues to grow.